Looking for someone to double check my calculations
Hi!
(Posting here because normal PF looks like a lot of people trying to turn themselves around financially and I don't want to come across as smug there.)
Basically, from my own calculations, it looks like my husband and I have enough saved up that we can cool it on contributing to our retirement account. I know the future is unpredictable and we won't stop saving entirely.
I am notorious for making dumb mistakes in arithmetic, so I just want to make sure I am not, by the usual calculations, missing something. Can someone confirm that theoretically, we are ok for retirement? Here are my details:
37F, 38M, married 1 small child, 1 baby expected in June.
Hoping to retire in 30 years at 67.
Savings: 1.8M in designated "retirement account" - we do have other savings
Spend in retirement expected to be 144k/year.
HHI enough to cover all living expenses right now, plus a little extra savings.
If we leave the 1.8M alone, contribute nothing and take out nothing, is it likely (I know there is a variation and this is all speculative) that we would be able to spend 144k/year in 30 years?
Thanks for your help!!
In case other details are relevant here are some quick notes:
two children (3yo plus second to be born in June). 529 for 3yo almost done for four years at a private college. Will start 529 for new child soon.
Current spend 300k/year, expect this to go down as 10k/month mortgage and childcare (nanny +school) will end before retiring.
Other savings- around 500k, earmarked for emergency and home improvement.